Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet As of March 31, 2014

	EPR Properties (Issuer)		Wholly Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,472,305	$	617,628	$	—		$	2,089,933
Land held for development	—		—		202,552		—			202,552
Property under development	70		132,844		5,672		—			138,586
Mortgage notes and related accrued interest receivable	—		464,976		25,864		—			490,840
Investment in a direct financing lease, net	—		242,905		—		—			242,905
Investment in joint ventures	—		—		5,586		—			5,586
Cash and cash equivalents	11,722		2,059		6,625		—			20,406
Restricted cash	1,100		16,594		1,874		—			19,568
Deferred financing costs, net	16,703		5,300		775		—			22,778
Accounts receivable, net	116		24,839		16,661		—			41,616
Intercompany notes receivable	—		—		175,757		(175,757		)	—
Investments in subsidiaries	2,909,204		—		—		(2,909,204		)	—
Other assets	19,454		11,862		33,027		—			64,343
Total assets	$	2,958,369	$	2,373,684	$	1,092,021	$	(3,084,961	)	$	3,339,113
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	25,610	$	12,894	$	9,022	$	—		$	47,526
Dividends payable	21,184		—		—		—			21,184
Unearned rents and interest	751		22,975		3,555		—			27,281
Intercompany notes payable	687		—		175,070		(175,757		)	—
Debt	1,150,000		—		332,608		—			1,482,608
Total liabilities	1,198,232		35,869		520,255		(175,757		)	1,578,599
EPR Properties shareholders’ equity	1,760,137		2,337,815		571,389		(2,909,204		)	1,760,137
Noncontrolling interests	—		—		377		—			377
Total equity	$	1,760,137	$	2,337,815	$	571,766	$	(2,909,204	)	$	1,760,514
Total liabilities and equity	$	2,958,369	$	2,373,684	$	1,092,021	$	(3,084,961	)	$	3,339,113

Condensed Consolidating Balance Sheet As of December 31, 2013

	EPR Properties (Issuer)		Wholly Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,474,501	$	629,650	$	—		$	2,104,151
Land held for development	—		—		201,342		—			201,342
Property under development	18		84,397		5,058		—			89,473
Mortgage notes and related accrued interest receivable	—		460,533		25,804		—			486,337
Investment in a direct financing lease, net	—		242,212		—		—			242,212
Investment in joint ventures	—		—		5,275		—			5,275
Cash and cash equivalents	449		1,826		5,683		—			7,958
Restricted cash	1,150		6,735		1,829		—			9,714
Deferred financing costs, net	17,221		5,439		684		—			23,344
Accounts receivable, net	106		25,158		17,274		—			42,538
Intercompany notes receivable	—		—		175,757		(175,757		)	—
Investments in subsidiaries	2,852,543		—		—		(2,852,543		)	—
Other assets	19,292		11,040		29,600		—			59,932
Total assets	$	2,890,779	$	2,311,841	$	1,097,956	$	(3,028,300	)	$	3,272,276
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	43,589	$	20,564	$	8,174	$	—		$	72,327
Dividends payable	19,553		—		—		—			19,553
Unearned rents and interest	—		14,295		2,751		—			17,046
Intercompany notes payable	—		—		175,757		(175,757		)	—
Debt	1,140,000		—		335,336		—			1,475,336
Total liabilities	1,203,142		34,859		522,018		(175,757		)	1,584,262
EPR Properties shareholders’ equity	1,687,637		2,276,982		575,561		(2,852,543		)	1,687,637
Noncontrolling interests	—		—		377		—			377
Total equity	$	1,687,637	$	2,276,982	$	575,938	$	(2,852,543	)	$	1,688,014
Total liabilities and equity	$	2,890,779	$	2,311,841	$	1,097,956	$	(3,028,300	)	$	3,272,276

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income Three Months Ended March 31, 2014

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	45,110		$	21,321	$	—		$	66,431
Tenant reimbursements	—			982			3,606		—			4,588
Other income	173			—			1		—			174
Mortgage and other financing income	187			17,796			681		—			18,664
Intercompany fee income	780			—			—		(780		)	—
Interest income on intercompany notes receivable	—			—			7,063		(7,063		)	—
Total revenue	1,140			63,888			32,672		(7,843		)	89,857
Equity in subsidiaries’ earnings	58,465			—			—		(58,465		)	—
Property operating expense	(1		)	2,396			4,054		—			6,449
Intercompany fee expense	—			—			780		(780		)	—
Other expense	—			—			98		—			98
General and administrative expense	—			4,911			2,551		—			7,462
Interest expense, net	15,688			(411		)	4,622		—			19,899
Interest expense on intercompany notes payable	—			—			7,063		(7,063		)	—
Transaction costs	—			—			196		—			196
Depreciation and amortization	275			10,503			4,549		—			15,327
Income before equity in income from joint ventures and other items	43,643			46,489			8,759		(58,465		)	40,426
Equity in income from joint ventures	—			—			311		—			311
Gain on sale of land	—			—			330		—			330
Income before income taxes	43,643			46,489			9,400		(58,465		)	41,067
Income tax expense	110			—			815		—			925
Income from continuing operations	$	43,533		$	46,489		$	8,585	$	(58,465	)	$	40,142
Discontinued operations:
Income (loss) from discontinued operations	—			(3		)	18		—			15
Transaction (costs) benefit	—			3,376			—		—			3,376
Net income	43,533			49,862			8,603		(58,465		)	43,533
Preferred dividend requirements	(5,952		)	—			—		—			(5,952		)
Net income available to common shareholders of EPR Properties	$	37,581		$	49,862		$	8,603	$	(58,465	)	$	37,581
Comprehensive income attributable to EPR Properties	$	41,469		$	50,005		$	6,560	$	(56,565	)	$	41,469

Condensed Consolidating Statement of Income Three Months Ended March 31, 2013

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	39,092		$	21,296		$	—		$	60,388
Tenant reimbursements	—			1,014			3,730			—			4,744
Other income	23			—			1			—			24
Mortgage and other financing income	252			16,453			1,090			—			17,795
Intercompany fee income	668			—			—			(668		)	—
Interest income on intercompany notes receivable	4,264			—			93			(4,357		)	—
Total revenue	5,207			56,559			26,210			(5,025		)	82,951
Equity in subsidiaries’ earnings	48,333			—			—			(48,333		)	—
Property operating expense	—			3,496			3,539			—			7,035
Intercompany fee expense	—			—			668			(668		)	—
Other expense	—			—			149			—			149
General and administrative expense	—			4,499			2,153			—			6,652
Gain on early extinguishment of debt	—			(4,539		)	—			—			(4,539		)
Interest expense, net	11,927			1,761			6,301			—			19,989
Interest expense on intercompany notes payable	—			—			4,357			(4,357		)	—
Transaction costs	318			—			—			—			318
Depreciation and amortization	272			7,821			4,729			—			12,822
Income before equity in income from joint ventures and other items	41,023			43,521			4,314			(48,333		)	40,525
Equity in income from joint ventures	183			—			168			—			351
Income from continuing operations	$	41,206		$	43,521		$	4,482		$	(48,333	)	$	40,876
Discontinued operations:
Loss from discontinued operations	—			(21		)	(214		)	—			(235		)
Gain on sale of real estate	—			—			565			—			565
Net income attributable to EPR Properties	41,206			43,500			4,833			(48,333		)	41,206
Preferred dividend requirements	(5,952		)	—			—			—			(5,952		)
Net income available to common shareholders of EPR Properties	$	35,254		$	43,500		$	4,833		$	(48,333	)	$	35,254
Comprehensive income attributable to EPR Properties	$	40,698		$	43,583		$	4,025		$	(47,608	)	$	40,698

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2014

	EPR Properties (Issuer)				Wholly Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	780			$	—		$	(780	)	$	—
Interest income (expense) on intercompany receivable/payable	—				—			—			—
Net cash provided (used) by other operating activities	(26,440		)		56,819			11,027			41,406
Net cash provided (used) by operating activities of continuing operations	(25,660		)		56,819			10,247			41,406
Net cash provided by operating activities of discontinued operations	—				77			47			124
Net cash provided (used) by operating activities	(25,660		)		56,896			10,294			41,530
Investing activities:
Acquisition of rental properties and other assets	(67		)		(11,899		)	(298		)	(12,264		)
Proceeds from sale of real estate	—				—			915			915
Proceed from settlement of derivative	—			—	—			5,725			5,725
Investment in mortgage notes receivable	—				(4,497		)	25			(4,472		)
Proceeds from mortgage note receivable paydown	—				76			—			76
Investment in promissory notes receivable	—				(721		)	(1,486		)	(2,207		)
Additions to property under development	(52		)		(48,689		)	(1,880		)	(50,621		)
Investment in (repayment of) intercompany notes payable	—				—			—			—
Advances to subsidiaries, net	74				9,288			(9,362		)	—
Net cash used by investing activities	(45		)		(56,442		)	(6,361		)	(62,848		)
Financing activities:
Proceeds from long-term debt facilities	10,000				37,000			—			47,000
Principal payments on long-term debt	—				(37,000		)	(2,728		)	(39,728		)
Deferred financing fees paid	(50		)		(240		)	(159		)	(449		)
Net proceeds from issuance of common shares	79,579				—			—			79,579
Impact of stock option exercises, net	(21		)		—			—			(21		)
Purchase of common shares for treasury	(2,892		)		—			—			(2,892		)
Dividends paid to shareholders	(49,638		)		—			—			(49,638		)
Net cash provided (used) by financing activities	36,978				(240		)	(2,887		)	33,851
Effect of exchange rate changes on cash	—				19			(104		)	(85		)
Net increase in cash and cash equivalents	11,273				233			942			12,448
Cash and cash equivalents at beginning of the period	449				1,826			5,683			7,958
Cash and cash equivalents at end of the period	$	11,722			$	2,059		$	6,625		$	20,406

Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2013

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	668		$	—		$	(668	)	$	—
Interest income (expense) on intercompany receivable/payable	4,264			—			(4,264		)	—
Net cash provided (used) by other operating activities	(20,915		)	47,786			11,640			38,511
Net cash provided (used) by operating activities of continuing operations	(15,983		)	47,786			6,708			38,511
Net cash provided (used) by operating activities of discontinued operations	—			(31		)	1,692			1,661
Net cash provided (used) by operating activities	(15,983		)	47,755			8,400			40,172
Investing activities:
Acquisition of rental properties and other assets	(123		)	(7,918		)	(133		)	(8,174		)
Investment in unconsolidated joint ventures	(433		)	—			—			(433		)
Investment in mortgage note receivable	—			(11,504		)	(1,265		)	(12,769		)
Additions to property under development	—			(16,272		)	(1,447		)	(17,719		)
Investment in (repayment of) intercompany notes payable	(1,471		)	—			1,471			—
Advances to subsidiaries, net	50,845			(22,395		)	(28,450		)	—
Net cash provided (used) by investing activities of continuing operations	48,818			(58,089		)	(29,824		)	(39,095		)
Net proceeds from sale of real estate from discontinued operations	—			—			24,146			24,146
Net cash provided (used) by investing activities	48,818			(58,089		)	(5,678		)	(14,949		)
Financing activities:
Proceeds from long-term debt facilities	15,000			55,000			—			70,000
Principal payments on long-term debt	—			(45,080		)	(3,870		)	(48,950		)
Deferred financing fees paid	(48		)	(1		)	(18		)	(67		)
Net proceeds from issuance of common shares	84			—			—			84
Impact of stock option exercises, net	(692		)	—			—			(692		)
Purchase of common shares for treasury	(3,245		)	—			—			(3,245		)
Dividends paid to shareholders	(41,146		)	—			—			(41,146		)
Net cash provided (used) by financing activities	(30,047		)	9,919			(3,888		)	(24,016		)
Effect of exchange rate changes on cash	—			—			(108		)	(108		)
Net increase (decrease) in cash and cash equivalents	2,788			(415		)	(1,274		)	1,099
Cash and cash equivalents at beginning of the period	1,531			832			8,301			10,664
Cash and cash equivalents at end of the period	$	4,319		$	417		$	7,027		$	11,763